Mortgage Mayhem: How a 50% Home Insurance Rate Jump is Stressing Finances

Home Insurance Rate Jump

Are You One of the 50%? Understanding Your Essential Escrow Account Escrow accounts are pivotal in managing the financial responsibilities associated with homeownership. Despite their importance, a survey by LERETA reveals that only about half of the homeowners with an escrow account completely understand how it functions. This lack of comprehension is concerning, especially since these accounts are essential for paying property taxes and insurance premiums. Escrow accounts are commonly required for mortgage holders with less than 20% equity in their homes and are mandatory for federally-backed FHA loan borrowers.…

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The Insurance Industry is Struggling to Recruit New Talent—How New Solutions Are Helping

insurance recruitment

Recruitment has been a struggle across many industries, including insurance. Though insurance industry employment rose 1.83% in 2022, there were still 386,000 open jobs by the end of that year and a 14.7% turnover rate, with most of that turnover being voluntary. Economic challenges and a shift in working culture have become significant challenges for many insurance carriers to adapt to, impacting the hiring process. The industry is also aged, with many organizations struggling to appeal to a younger talent pool. As such, the need for more strategic recruitment practices and…

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